According to data from the Brazilian tax service, USDT usage has increased significantly in Brazil, accounting for 80% of all cryptocurrency transactions in the country.
As of mid-October, USDT trading volume in Brazil this year reached 271 billion Brazilian reais (approximately $55 billion), almost twice the volume of Bitcoin, which accounted for 151 billion reais (approximately $55 billion). 30 billion U.S. dollars).
Brazil’s USDT trading volume has been growing since 2021, surpassing Bitcoin trading volume for the first time in July 2022.
At that time, it was at the peak of the storm in the cryptocurrency industry, and Three Arrows Capital and Voyager Capital collapsed.